Air Berlin achieves EBIT of 75 million euros in Q3 2014
Air Berlin achieved a positive operating result (EBIT) based on revenues of 1,311.3 million euros in the third quarter of the year – a 2.6 percent decline. EBIT (earnings before interest and taxes) decreased to 74.9 million euros in comparison to the previous quarter. Taking into account existing restructuring costs of 15 million euros, the adjusted EBIT amounts to 90 million euros. Last year airberlin reported 115.6 million euros. The net profit for the third quarter of 2014 amounted to 47.5 million euros. At the end of the quarter airberlin had around 800 million euros of liquidity resources.
In line with the general market environment, airberlin’s yield decreased 4.4 percent to 119.42 euros (previous year: 124.93 euros). The flights offered increased by 0.9 percent and the available seat kilometres (ASK) increased by 0.9 percent. Capacity utilisation of 87.2 percent remained nearly unchanged from the corresponding quarter in the previous year with 87.3 percent. Due to the fall in yield, the revenue per available seat kilometre (RASK) of 7.40 cents was 3.4 percent lower than the corresponding quarter in the previous year of 2013 with 7.66 cents.
The cost reduction initiatives already under way showed positive effects in the third quarter. In an annual comparison, airberlin succeeded in reducing the cost per available seat kilometre (CASK) by 0.9 percent to 5.22 cents (previous year: 5.27 cents), excluding fuel. Including fuel CASK decreased by 1.4 percent to 6.99 cents (previous year: 7.09 cents). Cost reductions were achieved notwithstanding a significant increase in expenditures of 5.8 percent as a result of airport charges, air navigation charges and the air transport tax. Personnel costs increased by 6.4 percent due to wage increases and one-time effects, such as the closure of crew bases.